Spanish Mountain Property
Spanish Mountain claims, British Columbia -- On July 23, 2005, Acrex entered into an Option Agreement to acquire a 100% interest in the Spanish Mountain property, consisting of 8 mineral claims covering approximately 1,350 hectares location near likely in Northeastern British Columbia. In September 2008 Acrex exercised the option and acquired 100% interest in the Spanish Mountain property by making cash payments totaling $90,000 and issuing 200,000 common shares.
The Company will issue 200,000 common shares to the Vendors upon receipt of a positive feasibility study.
The Agreement is subject to a 3% net smelter return royalty ( NSR). The Company has the right to purchase 66.67% of the NSR for $1,000,000 upon commencement of commercial production of the property.
On February 7, 2007, the Company acquired a 100% interest in two adjoining mineral tenures located immediately to the west and south of the Company's existing claim group. This acquisition increased Acrex's holdings in the camp to 1,468 hectares. The purchase price of these claims was $10,000 and 200,000 shares.
In March 13, 2009, Skygold Resources Ltd. announced an updated resource estimate for the main Zone at its Spanish Mountain project situated 2.0 km southeast of Acrex's principal property. Skygold's updated measured and indicated gold resource is 102.26 million tones at an average grade of 0.785 g/t (2.58 million contained ounces gold) based on a cut-off grade of 0.50 g/t gold. Skygold's updated resource represents an increase of 47% compared to its initial resource estimate for the project disclosed on April 3, 2008.
Acrex is presently well funded for the 2010 season with 1.65 million cash in the treasury.
Property Information
